[HSG/HOLD/ TP: VND 16,100] - Overcome hardship with inner strength


Hoa Sen Group Joint Stock Company (HSG) is a leading enterprise in the field of galvanized steel sheets in Vietnam. Hoa Sen Group mainly manufactures galvanized steel sheets, steel pipes, plastic pipes, and retail construction materials. Adverse developments in the steel industry have led to a decline in the business results of Hoa Sen in 2022. However, Hoa Sen will be able to overcome obstacles thanks to its wide retail network and leading position in the galvanized steel sheet industry. Additionally, Hoa Sen's economic situation will improve as a result of the recent increase in HRC steel prices, which will also result in a minor rise in corporate profits in 2023. Moreover, the long-term prospects of Hoa Sen are still promising with the development of Hoa Sen Home.  We offer an initial valuation of HSG stock at a price of VND 16,100 for a return of 4.88%. We use the DCF valuation method to value Hoa Sen.

HSG-Hoa Sen Group
Tien Le

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